When new technology rolls around, businesses must be aware of what it means for their production. Imagine businesses ignoring the invention of the cellphone or the arrival of the internet.

You’d be horrified if someone told you their business’ strategy was to ignore every new advance in tech. And considering how rapidly tech advances, you should take a moment to examine what’s on the horizon. Further, it’s worth considering how these upcoming advances could impact business.

Transforming insurance

The idea of machines being as smart as people isn’t as alien today as it was decades ago. Artificial intelligence is a branch of computer science but it’s also far broader. It involves a focus on creating rational “agents” (software, for example) capable of detecting inputs and its environment, to deliver on goals – ideally without human supervision to accomplish the goals.

Today, people regularly talk to digital assistants on apps like Google Search or Google Maps; people can quickly obtain collated data using Siri on Apple devices. The software here is responding to our unique inputs and, indeed, uses machine learning and big data from other sources to provide us with specific information.

But artificial intelligence is capable of far more than merely responding to unique inputs for map directions. The insurance industry is seeing an increasing interest in artificial intelligence due to its reliance on big data which both drives policy and is the basis for fraud. As Celaton CEO Andrew Anderson notes in Business Zone, artificial intelligence can help combat such issues due to vastly superior abilities in detecting patterns.

“If a duplicate claim is received, AI will sound its alarm bells by recognizing that it has seen it before. And it doesn’t have to be as obvious as the person’s name and address. AI looks for patterns so even if these details change there will be tell-tale signs that AI can recognize.”

Healthcare

One of the most important industries for anyone is healthcare. Everyone wants this industry to thrive, since improved healthcare means a better life for everyone. Major companies like Google and Samsung have invested resources in developing diagnostic solutions that doctors can use with ease. This is all part of delivering fast, reliable and comprehensive information about health that can better lead to healthcare solutions.

This website uses cookies to allow us to see how the site is used. The cookies cannot identify you. If you continue to use this site we will assume that you are happy with this. If you want to use the site without cookies or would like to know more, you can do that here.